What happened my credit score instantly went down.
Your credit score is just an up-to-date test of how good you are at servicing debt. If you paid off all your debt, then no one knows if you’re still good at servicing debt. For all they know you could have a $2k/week cocaine habit after paying off your mortgage and all your cash flow goes up your nose.
Since you’re not paying on any debt today you’re not as good a credit risk.
Your credit score is just an up-to-date test of how good you are at servicing debt. If you paid off all your debt, then no one knows if you’re still good at servicing debt. For all they know you could have a $2k/week cocaine habit after paying off your mortgage and all your cash flow goes up your nose.
Since you’re not paying on any debt today you’re not as good a credit risk.
Fine, but maybe we shouldn’t base whether or not you can rent an apartment on that?